10,000 Shares in Tencent Music Entertainment Group – (NYSE:TME) Bought by ELCO Management Co. LLC

ELCO Management Co. LLC bought a new position in Tencent Music Entertainment Group – (NYSE:TME) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 10,000 shares of the company’s stock, valued at approximately $150,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Baillie Gifford & Co. lifted its stake in shares of Tencent Music Entertainment Group by 16.0% in the 1st quarter. Baillie Gifford & Co. now owns 9,506,034 shares of the company’s stock worth $172,059,000 after acquiring an additional 1,309,945 shares during the period. William Blair Investment Management LLC lifted its stake in shares of Tencent Music Entertainment Group by 271.3% in the 1st quarter. William Blair Investment Management LLC now owns 5,528,624 shares of the company’s stock worth $100,065,000 after acquiring an additional 4,039,589 shares during the period. Krane Funds Advisors LLC lifted its stake in shares of Tencent Music Entertainment Group by 17.3% in the 1st quarter. Krane Funds Advisors LLC now owns 5,360,206 shares of the company’s stock worth $97,020,000 after acquiring an additional 789,610 shares during the period. Matthews International Capital Management LLC acquired a new stake in shares of Tencent Music Entertainment Group in the 1st quarter worth $35,206,000. Finally, TB Alternative Assets Ltd. acquired a new stake in shares of Tencent Music Entertainment Group in the 2nd quarter worth $19,850,000. Institutional investors own 5.80% of the company’s stock.

Shares of NYSE TME traded up $0.05 during midday trading on Thursday, hitting $13.81. The company had a trading volume of 63,397 shares, compared to its average volume of 4,177,678. Tencent Music Entertainment Group – has a twelve month low of $11.81 and a twelve month high of $19.97. The firm has a 50-day simple moving average of $14.79. The firm has a market cap of $23.62 billion and a price-to-earnings ratio of 69.28.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings data on Monday, May 13th. The company reported $0.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.02. The company had revenue of $855.00 million during the quarter, compared to analyst estimates of $861.27 million. On average, research analysts anticipate that Tencent Music Entertainment Group – will post 0.34 earnings per share for the current year.

Several research firms have recently commented on TME. Jefferies Financial Group began coverage on shares of Tencent Music Entertainment Group in a research note on Monday, August 5th. They issued a “buy” rating and a $16.90 target price for the company. Zacks Investment Research cut shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 22nd. CICC Research began coverage on shares of Tencent Music Entertainment Group in a research note on Thursday, June 13th. They issued a “buy” rating for the company. China International Capital began coverage on shares of Tencent Music Entertainment Group in a research note on Monday, May 13th. They issued a “hold” rating for the company. Finally, Loop Capital began coverage on shares of Tencent Music Entertainment Group in a research note on Tuesday, June 4th. They issued a “buy” rating and a $12.89 target price for the company. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Tencent Music Entertainment Group currently has a consensus rating of “Buy” and an average target price of $16.39.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group operates an online music entertainment platform that provides online music and music-centric social entertainment services in China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.

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Institutional Ownership by Quarter for Tencent Music Entertainment Group (NYSE:TME)

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